Uber Kenya, Sidian Bank launch vehicle scheme

From MARIA MACHARIA in Nairobi, Kenya
NAIROBI, (CAJ News) – UBER and Sidian Bank have partnered to launch an innovative Uber Vehicle Solutions Programme poised to give Kenyan driver-partners and business investors convenient and affordable access to
the quality vehicles they need to start or grow their Uber-based businesses.

The ground breaking vehicle access initiative includes a vehicle finance component delivered through Sidian Bank and a vehicle leasing solution made available through Zohari Leasing. The initiative is valued at a total of approximately Ksh 10 billion (USD 100 million).

The vehicle finance component of the programme offers qualifying driver-partners and investors up to 100 percent finance deals on vehicles priced between Ksh 1 million and Ksh 1,5 million, with a 36-month repayment period at 10,5 percent interest rate.

Nate Anderson, Acting General Manager for Uber in Kenya, the Vehicle Solutions Programme follows similar offerings that have recently been launched by Uber in partnership with WesBank, with great success in South
Africa as well as in a number of international locations Uber has a presence.

“By enabling qualifying driver-partners and investors to afford reliable, high-quality vehicles, Uber is not only helping them to establish and grow their businesses,” Anderson said.

Sidian Bank’s Chief Executive Officer Titus Karanja noted that this partnership is well aligned to the lender’s mandate to support enterprises to thrive.

“We are glad to be part of this deal, which is enabling enterprises to grow. In addition to financing, we will also provide technical assistance to the beneficiaries of this arrangement. This deal is part of our efforts to consolidate our new positioning that is focused on enabling individuals to own their tomorrow,” he added.

This comes shortly after Uber celebrated 1 million rides taken in Kenya since its launch just 15 months ago.